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Star UK energy trader fights for $100m Citigroup payout

Andrew Hall, who heads Phibro, Citigroup’s energy-trading division, is pushing the firm to pay out a $100m (€70m) compensation package that could trigger a confrontation between the bank and US’ new pay czar, Kenneth Feinberg.

Hall is believed to have threatened to quit Citigroup if his bumper pay day is reduced to placate regulators.

If Citigroup does not agree to Hall's remuneration deal, it could possibly lead to his exit and a legal battle. By contract, his compensation is tied to Phibro's profits, but the bank is likely to encounter intense opposition from politicians, investors and the public over such huge pay packages.

Hall, who has had a profit-sharing arrangement with Citigroup and its predecessor banks entitling him to a major proportion of Phibro's profits, reaped more than $100m in pay last year, sources said. The percentage he and his small group of traders get under the contract terms presently stands below 30%.

Citigroup is understood to be mulling hiving off Phibro as a separate entity, among other options, in hopes of preserving some payoff from Phibro's earnings.